A UNIT of Alternergy Holdings Corp. has sealed a long-term lease with the Philippine National Railways (PNR) for a portion of the latter’s property in Quezon province, making way for its P7-billion wind power project.
Alabat Wind Power Corp. has secured the location for the switching station of its 64-megawatt (MW) Alabat Wind Power project, Alternergy said in a statement on Tuesday.
Situated in the municipalities of Alabat and Quezon, the wind power project is expected to become the first wind project in the province. It is targeted to be completed by end-2025.
“Our collaboration with Alternergy supports the government’s renewable energy targets and is in line with PNR’s sustainability goals,” Deovanni S. Miranda, PNR’s general manager, said in the statement.
Earlier this month, Alternergy said it had infused P1.1 billion in Alabat Wind Power to bankroll the construction of the project.
The company has secured P5.3 billion in project financing from Rizal Commercial Banking Corp. for the project.
With 86 MW of energy capacity in its portfolio, Alternergy is targeting to reach 500 MW of generating capacity by 2026.
Alternergy shares were unchanged at P0.90 each at the close of trading. — Sheldeen Joy Talavera
